Over $400M in Long Positions Liquidated in One Hour, ETH Takes the Heaviest Hit
📉 The crypto market saw a concentrated liquidation event on October 7, with $412.58M in positions wiped out within just one hour. Long liquidations accounted for $400.67M, or roughly 97%, pointing to a rapid deleveraging event rather than sustained selling throughout the day.
⚡ ETH led with $176.71M in liquidations, ahead of BTC at $145.24M. After the flush, BTC funding shifted to neutral or slightly negative, while ETH funding remained positive and around 74.5% of accounts were still positioned Long, suggesting its imbalance has not been fully cleared.
📊 If BTC holds the $83,300–84,000 area, the move may prove to be more of a leverage reset than the start of a new downtrend. For ETH, reclaiming $2,650 would be an important signal that remaining pressure is easing.
#CryptoMarket $BTC $ETH
📉 The crypto market saw a concentrated liquidation event on October 7, with $412.58M in positions wiped out within just one hour. Long liquidations accounted for $400.67M, or roughly 97%, pointing to a rapid deleveraging event rather than sustained selling throughout the day.
⚡ ETH led with $176.71M in liquidations, ahead of BTC at $145.24M. After the flush, BTC funding shifted to neutral or slightly negative, while ETH funding remained positive and around 74.5% of accounts were still positioned Long, suggesting its imbalance has not been fully cleared.
📊 If BTC holds the $83,300–84,000 area, the move may prove to be more of a leverage reset than the start of a new downtrend. For ETH, reclaiming $2,650 would be an important signal that remaining pressure is easing.
#CryptoMarket $BTC $ETH
